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With a more favourable environment, TAIWAN CEMENT improves to Positive
TAIWAN CEMENT (TW), a company active in the Building Materials & Fixtures industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 11, 2022, the closing price was TWD 47.55 and its potential...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
2Q16F earnings to be better than expected
​ We held a neutral view previously as we expected the cement sector to transition with lackluster demand. However, the recent trend turns us positive on TCC given 1) better than expected 2Q16F earnings and; 2) 2H16F earnings YoY to turn positive. TCC is trading at 1.0-1.1x 2016F P/B with ROE of 4-5%, lower than the historical avg. of 1.4x in 2009-15 (vs. historical avg. ROE of 4%). We expect its share price to rebound and set target multiple at 1.2x 2016F P/B (vs. 1x previously).
2016F outlook remains lackluster - 1101 TT; HOLD-OPF
​We remain conservative on TCC due to 1) a negative sector outlook; 2) downside risk from Hoping Power’s 2016F profitability; and 3) its unattractive valuation. We believe the cement sector is undergoing a transition with lackluster demand and less supply, which may affect TCC’s profitability in 2016F.
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